The 46-year-old has no more than $50,000 of assets and between $10 million and $50 million of liabilities, according to a petition filed Tuesday with the U.S. Bankruptcy Court in the Central District of California.

Dykstra’s filing comes in the wake of some 20 lawsuits he faces tied to his activities as a financial entrepreneur, including The Players Club, a glossy magazine he had helped launch, according to published reports.

We all knew this was coming, but for it to actually happen now is incredibly satisfying. Those of us that first read Kevin Coughlin’s GQ report about Dykstra’s business acumen, or lack thereof, couldn’t wait for it. It’s hard to imagine that anybody to whom he owes money will ever see it. But then again…they loaned money to Lenny Dykstra. For an upscale, low-margin business. I’d rather give my money to Ca$h Cow and have him take his chances at the craps table. He love the Come Line. But then, who doesn’t? Oh, you’re gonna have to roll for him. That’s just how he is.